National Republican., 1887-07-21
silver Certificates.

Some weeks ago the NATIONAL REPuB-
IICAN described the manner in which the
effort would be made to discredit silver GER
tiflcatcs and make Of one OF the precious
metals, of which the United States is the
largest producer, au article of merehan-
disc, like iron and copper ore.
The scheme Is the work OF the Hon, Ddu-
iel Manning, la:e Secretary of the Treasury,
and the Hon. Conrad n. Jordan, late Treas.
urcr Of the United States, who resigned
their high positions to become president
and vice president of the Western National
B0uk, n corporation organized expressly for
them to hold these places.
The idea of issuing these silver certificates
was disclosed directly after the orgluiza-
ton of the bank and the return of Mr..
Jordan from London, which he ari Mr..
Manning visited together. All the arrange
ments have been perfected, the certificates
engraved, and the issue commenced yes
terday.
The Western National Bank controls the
whole business, as the plan is TO issue on
all silver bullion, deposited through the
bark with the Mercantile Safe Deposit
of silver 1000 fine. These certificates, when
Issued by the Safe Deposit Company, are
registered and countersgned by the
Western National Bank, aud become at
once negotiable, like any other market'ho
certificates, though, OF course, OF greater
value, and consequently more available for
use as collateral.
The rice OF the silver, and necessarily OF
tie certificates, will be controlled By the
price Of silver In London. Yesterday silver
in London was worth about SO cents for an
ource OF $50 grains, 50 that a thousand
ounce certificate issued by the Western
National Bank for thousand ounces OF
pure silver, each containing 4S0 grains,
would be worth $3.50. while silver certll-
cate Of the United States government for
Sl,000 each containing 4l2 grains OF pura
silver, is now worth $1,000.
How long will 1t be before the public
mind is confused, when the Wall street
gamblers get to tossing these "silver certii.
Gates" Of the Western Nat onal Bank back
and forth from the paws OF the bears to the
horns OF the bulls? VIII not the people
become suspicious of all silver certificates
is 1t not the intention Of the orignators oil
this scheme to drive silver certificates ou,
OF circulation as currency?
1t must be remembered that Messrs. Man
birg and Jordan, as the chief officials o.
the United States treasury, both opposed sill
yer as currency, and that Mr.. Manniug, a'
Secretary, recommended that no more sill
yer dollars be coined. Under the law the
United States could absorb nearly all the
silver produced In this country, and, By
coming 1t, make thousand-ounce certfl
cate worth elegen hundred and Sirty,fre dol
iora instead Of eight hundred aud eighty
dollars, as Messrs Manning and Jordan do
The NATIONAL REPUBLICAN has alread,
shown bow much profit there was In this tC
tie government, but will take occasion Il
do 80 again soon, as there are some fact
that cannot be repeated too often.
Four hundred and twelve thousand grain
OF silver used by the United States furnishes
1000 silver dollars.
Four hundred and eighty thousand grain
of silver used by the bankers furnishes ware
house receipts for $3.50, to be used as col
lateral for currency.
The people are forced into this scheme
because the administration will not execut,
the law by coming the maximum amour
of silver authorized, which would absorl
nearly the whole production of the country
The plan OF the Western National BInl
allows 1t to charge interest, commission
and storage. The administration adopts
the policy which favors the bankers, whel
it should adopt that which fsvors TN
people